Every business organization regardless of size faces a changing landscape of potential challenges and problems. Some of these problems can be attributed to a changing technological landscape: new technology tools, new web applications and potential competitors whose bar to enter a market is constantly being lowered by available technology. In such a dynamic business environment how does a business entity stay relevant and even grow in face of the myriad of challenges? The answer…
Banks in Ghana are going through tumultuous times. As anyone even tangentially involved in business knows, in August of 2017, the Bank of Ghana consolidated five banks facing liquidity issues; Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank and Unibank into one bank, creatively named Consolidated Bank. The changes underfoot are not over.
The world of baseball (a very popular American sport) and the world of competitive sports in general underwent a major transformation in the year 2002 when the Oakland A’s (a baseball team in the California city of Oakland) introduced data analysis in the process of player selection and team make up.
As an entrepreneur, taking the leap to hire your first employee is a big deal. From that moment forward, you are not just responsible to your customers and your vision, but for the livelihood of another human being (and all the people they financially support).
Before you take this step, there are three questions that you must answer.
Different types of products cause different buying behaviors. If you are hungry and in traffic, you’ll buy almost anything available. You won’t consider if it’s your favorite snack/brand. However, you do extensive research on computers to buy the best one. In this blog, we will try to answer the question: How do you make your product stand out?
Whether you are trying to get a better price for meat in the market or a better deal with your suppliers, you are negotiating. When you think of successful negotiators, you probably picture two people across a table from each other having a heated discussion, but in fact 90% of a negotiation happens before you reach the bargaining table. This week, let’s focus on how you can best prepare for a negotiation.
They say "cash is king". A profitable business may have to close its doors because it doesn't have the cash on hand to restock or pay employees. In this blog, let’s explore ways to better manage your cash flow.
Entrepreneurship is all about reaching beyond your current resources to build a profitable company. That means that at some point, you'll need to reach out to someone you don't know for help. While getting an introduction is the best way to meet a person, there are sometimes customers, investors, and potential employees who aren't linked to you in any way.
In an ideal word, you would be able to start your business with your savings or maybe a gift from your father or mother. You would get to profitability before the money runs out and reinvest those profits to grow your business. In this scenario, you maintain 100% ownership and you do not have expensive debt to finance. Unfortunately, for most of us, we need to take some outside capital grow our businesses. But how should you do it? Debt or equity?
What is bootstrapping?
Bootstrapping is a term that originated in the 1800’s in the United States. It came from an idiom to pull oneself over a fence by pulling up one’s bootstraps (the loops at the top of tall boots to help you pull them on). Think about that. Go stand in front of a fence and pull up on your shoes as hard as you can. Will you ever be able to pull yourself over? What started out as a phrase to describe the impossible, today it means to start something with your own means.
Why is it that so many business owners come to our #OZÉ workshops and ask about getting started with Facebook Ads? Do they know something you don’t?
Let’s look at the data.
The average Ghanaian spends almost 3 hours a day using social media? Really!? 3 HOURS!?
Yep it’s true. In fact, there are now 5.6 Million active social media users across the country.
Let me paint you two pictures.
Picture one. A customer walks into your store. They typically buy their Omo from you once a week. This time they stop by your shop and find you are out of Omo! You try to offer them a competitive product, but they are loyal to the Omo brand. They walk a few doors down and buy it from your competitor. They decide that they like the competitor better and they don’t shop from you anymore.
If you’ve upgraded to OZÉ Pro, then you have access to the Employee Accounts feature! This means you can add employees and managers to your OZÉ account. Once you add them, they will receive a SMS and an email asking them to create an OZÉ account connected to your business account.
What is OZÉ Pro? OZÉ Pro takes the OZÉ App to the next level. When you unlock OZÉ Pro, you unlock powerful features that wouldn’t normally be available and take a bold step towards business growth and efficiency. With OZÉ, it’s like you’ve added a new member to your team. With OZÉ Pro, you also increase the power of each of your employees.
Your cash balance, also known as Initial Cash Balance, is the amount of money in your “business wallet” when you started using OZÉ. Think of it like the total amount of money your business has in cash, in your mobile money account, and in your bank account your first day using OZÉ. You set it while making your business profile.
Want to record a loan? We’re still working on a feature to make this easier, but here is the work around.
Let’s look at an example: Imagine you just received a loan for GH₵1200 with 10% monthly interest. This loan is to be paid off in 1 year.
Your profile picture is located in the upper left hand corner of the menu. It can be a picture of you, your business’s logo, or anything you want!